The largest Polish Bank will start to use blockchain in the coming days

The largest Polish Bank PKO Bank Polski will start to use blockchain solution for managing client documents in partnership with the British firm Coinform “in the coming days,” according to a press release from the 20th of September.

The largest Bank in Poland, PKO Bank Polski sa announced that in the near future, to strengthen security measures when working with client data, will start to use blockchain solution Trudatum from the British firm Coinform, in which you will store documents more than 5 million customers of the Bank. Vice-President of the Board of Directors Adam Marciniak said:

“The blockchain has the potential to increase competition in the Polish banking sector… This is a relatively new technology, new applications which are constantly around the world”

Plans for implementation of blockchain technology appeared after the first edition of the European banking Directive, PSD2, which came into force this year.

The use of blockchain technology in the banking industry of Poland is not very common and that was confirmed by CEO and co-founder Coinfirm Paul Kuskowski:

“This shows that the Polish financial industry remains open to innovation and sets the international trends”

In may, the Bank PKO began to attract startups within the FINTECH initiative “Let’s Fintech With PKO Bank Polski sa!”, where Bank management “was looking for FINTECH companies that are ready to provide solutions and to scale the business in partnership with the Bank”. The firm Сoinfirm began in the course of the Bank activities.

Also in may, the largest credit Bureau in Central and Eastern Europe, Polish Credit Office, announced the intention to introduce in the system a blockchain for secure data storage and secure access of confidential client information.

Recall that in June, Poland recognized the legality of operations on purchase and sale of cryptocurrencies, and in September, the government of Poland has introduced a new, but expected a bill clarifying tax rules for bitcoin and other cryptocurrencies trade: capturadora will no longer be taxed for every online transaction.